Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.047%

Price spread now: Hyperliquid against OKX−0.008%7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 7 days+0.015%+$2 · spread now −0.008%, 7d avg +0.068%

Together, before fees+0.123%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.076% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LINK-USDT-SWAP	12.931	0.0100	pay 0.0100% / 8h	7h 23m	$27.1M	$79.6M	50x
Short	Hyperliquid LINK	12.930	0.0100	get 0.0013% / 1h	23m 21s	$80.7M	$27.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OKXbpFee HyperliquidbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0
Price spread: −0.008% → +0.068%: −$7.6
Slippage, 4 orders: −$5.84
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$32.44
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Hyperliquid: live order book, 10 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy OKX live order book, 5 min ago	0.39 bp	6.8 bp −$7	14.6 bp −$146	31.4 bp −$3,144	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.78 bp	6.2 bp −$6	8.8 bp −$88	doesn't fit	doesn't fit

LINK on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_LINK_USDC	−0.0122%	8h	12.928	−0.023%	$91K	$936K	20x	as long as short
GMX LINK/USD [LINK-USDC]	L −0.0087% / S +0.0165%	1h	12.895	−0.278%	$1.7M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.888	−0.335%	$503K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0002%	1h	12.867	−0.491%	$106K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.106%	$4K	$48K	12x	as long as short
Bybit LINKUSDT	+0.0040%	8h	12.927	−0.031%	$83.6M	$72.4M	75x	as long as short
Kraken Futures PF_LINKUSD	+0.0049%	1h	12.896	−0.270%	$6.4M	$8.4M	50x	as long as short
Phoenix LINK	+0.0087%	1h	12.845	−0.667%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.911	−0.155%	$1.9M	$2.9M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.916	−0.113%	$31K	$2K	20x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado LINK-PERP	+0.0100%	1h	12.912	−0.143%	$348K	$335K	10x	as long as short
Hyperliquid LINKshort	+0.0100%	1h	12.930	−0.008%	$80.7M	$27.6M	10x
Aster LINKUSDT	+0.0100%	8h	12.929	−0.014%	$1.2M	$2.4M	50x	as long as short
Pacifica LINK	+0.0100%	1h	12.913	−0.139%	$275K	$178K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.930	−0.005%	$119.4M	$294.7M	75x	as long as short
OKX LINK-USDT-SWAPlong	+0.0100%	8h	12.931	long leg	$27.1M	$79.6M	50x
Arcus LINK-USD	+0.0100%	1h	12.927	−0.031%	$181K	$100K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.915	−0.124%	$134.1M	$17.7M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.929	−0.015%	$35.2M	$59.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.918	−0.101%	$22.9M	$12.3M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.929	−0.015%	$54.0M	$29.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.930	−0.008%	—	$6.5M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.904	−0.209%	$335K	$384K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.835	−0.742%	$3.3M	$1.8M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.860	−0.550%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.865	−0.510%	$588K	$3.1M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.850	−0.626%	$131K	$669K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.922	−0.070%	$82K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.822	−0.841%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.909	−0.170%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.894	−0.286%	$10K	$58K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.865	−0.513%	$629K	$698K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.927	−0.031%	$617K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.936	+0.039%	$542K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0184%	1h	12.894	−0.286%	$927K	$3.2M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0215%	1h	12.905	−0.199%	$807K	$266K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.870	−0.472%	$5.3M	$15.8M	75x	as long as short
Phemex LINKUSDT	+0.0373%	8h	12.909	−0.170%	$19.9M	$11.4M	50x	as long as short
Reya LINKRUSDPERP	+0.0403%	1h	12.920	−0.081%	$4K	—	20x	as long as short
dYdX LINK-USD	+0.1327%	1h	12.868	−0.488%	$346K	$49K	10x	as long as short